Vietnam’s FDI inflow jumps 85 percent year on year to $6.9 billion

Foreign direct investment (FDI) pledges in Vietnam rose to $6.88 billion over January 1-April 20 this year, surging 85 percent from a year earlier, according to General Statistics Office (GSO) data released on April 27.

Of the total, $5.08 billion comes from 697 newly-registered FDI projects in the period, rising 89.9 percent year on year, and $1.8 billion of additional capital from 314 existing FDI projects in Vietnam, up 71.4 percent year on year.

FDI disbursement was about $4.7 billion in the first four months of this year, edging up 12 percent compared with January-April last year, GSO said.

The processing and manufacturing industries remained the top destinations for FDI, which attracted $5.25 billion over the period, accounting for 76.2 percent of Vietnam's total registered FDI. Professional activities, science and technology sector ranked second with combined pledged investment worth $334.6 million, or 4.9 percent of the total.

The northern city of Hai Phong is the biggest FDI recipient in the period with $1.59 billion, accounting for 31.3 percent of the newly-registered capital, followed by Hanoi with $595.5 million (11.7 percent) and Binh Duong southern province $329 million (6.5 percent). The country’s economic hub of Ho Chi Minh City only attracted $222.6 million in the period, accounting for 4.4 percent of the total.